Local real estate market sees cool-down

WILMINGTON -- You've heard the saying patience is a virtue, especially when it comes to selling your home. National numbers point to a cool down in the number of days a home stays on the market. Local real estate agents say it's no different in our area. Real estate agents say more homes are on the local market and they're spending more time there. Wilmington Regional Association of Realtors president Jonathan Barfield said, "We're seeing longer days on market here right now. Our average days on market is 93. What that means is it's taking 93 days for a home to go in to contract, which is up from last month and up from last year for sure." One reason for the flood of houses for sale in our area is the change in the market. Real estate agents say investors looking to buy got cold feet, because they didn't think they could sell. "I think a lot of folks came down here speculating that they could sell a property and things of that nature and uh, when the market started to change those investors stepped away from the project they had offers on." More houses on the market may mean good news for buyers though. Home prices are indeed coming down trying to convince sellers that we're not in the market of 2005 and 2006." Despite what appears to be a cool-down in home sales real estate agents say the local market is just re-establishing a balance after a few white hot years. Advice for sellers? Take a realistic look at the current market. Don't ask too much and heed the advice of your Realtor.